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SNCF publish H1 2018 results

SNCF’s revenue for H1 2018 decreased by 3.2% to €15,252m compared to €15,761m in H1 2017. The decrease in revenue can be attributed to group structure and IFRS 15 impacts, a foreign exchange impact and an organic decrease for the group. However, operating profits dramatically increased by 425.3% to €3,477m compared to €662m in the corresponding year of 2017 due to large impairment gains.

SNCF Logistics, comprised of Geodis, TFMM and Ermewa, experienced revenues 5.5% lower for the first half of this year compared to 2017. Total revenue summed to €4,836m with Geodis contributing €3,953m (81.7%). The decrease in revenue was a result of the change in group structure and a foreign exchange impact. Current operating profit decreased by €53m down from €60m to €7m; the decrease in gross profit was offset by the net movement in provisions.

SNCF’s Transilien & Ter companies, part of the Daily Mobilities sector, generated revenues of €3,441m in H1 2018. This is a drop in sales from the same period of last year by 4.7% of €3,581m. This decrease was mainly due to Group structure impacts and the adoption of IFRS 15 for -€80m. The companies made current operating losses of €24m because of net movement in provisions.

Keolis, another part of the Daily Mobilities sector, grew their revenues by €238 m (+9.2%) to €2,837m compared to H1 of 2017. Growth was primarily driven by international activity following new contract wins in Australia, Continental Europe, the United States and the United Kingdom and the ongoing recovery plans for onerous contracts. Current operating profits grew by 12.9% to €35m.

Intercités, part of SNCF’s Long-Distance sector, saw their revenues decreasing by 28.9% for H1 2018 to €132m in comparison to the corresponding period of the previous year. This was due to traffic falling by 31.0% with the negative impact of the strikes in the first half of 2018 and the transfer of lines to TER. Current operating losses further decreased by €3m to €5m for H1 2018.

SNCF’s Long-Distance sector suffered further decreases in revenues with Voyages SNCF. The company’s revenues, for H1 2018, declined 3.8% to €3,408m compared to H1 2017. The change in revenues was partly to do with change in group structure and the negative impacts of the strikes. Current operating profits were €100m, a decrease of €217m from the first half of 2017.

SNCF Gares & Connexions totalled revenues of €229m for H1 2018 increasing by €1m from the same period of the 2017. Revenue increases (0.4%) were in line with the increase in concession income, partly offset by the strike action. Current operating profit also increase by €1m to €41m for H1 2018.

Source: SNCF

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